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Minnesota Legislature

Office of the Revisor of Statutes

60B.26 NOTICE TO CREDITORS AND OTHERS.
    Subdivision 1. Notice required. (a) The liquidator shall give notice of the liquidation order
as soon as possible by first class mail and either by telegram or telephone to the commissioner
of commerce of each jurisdiction in which the insurer is licensed to do business, by first class
mail and by telephone to the Department of Labor and Industry of this state if the insurer is or
has been an insurer of workers' compensation, by first class mail within this state and by airmail
outside this state to all agents of the insurer having a duty under this chapter, by first class mail, if
the insurer is a surety company to every district court judge exercising probate jurisdiction and
the court administrator of all courts of record in this state and upon receipt of such notice it
shall be the duty of those judges and court administrators to notify and require every executor,
administrator, guardian, trustee, or other fiduciary having filed a bond on which such company is
surety, to forthwith file a new bond with new sureties, and by first class mail within this state and
by airmail outside this state at the last known address to all persons known or reasonably expected
to have claims against the insurer, including all policyholders. The liquidator also shall publish a
notice three consecutive times in a newspaper of general circulation in the county in which the
liquidation is pending or in Ramsey County, the last publication to be not less than three months
before the earliest deadline specified in the notice under subdivision 2.
(b) Notice to agents shall inform them of their duties under this chapter and inform them
what information they must communicate to policyholders. Notice to policyholders shall include
notice of impairment and termination of coverage under section 60B.22. When it is applicable,
notice to policyholders shall include (1) notice of withdrawal of the insurer from the defense of
any case in which the policyholder is interested, and (2) notice of the right to file a claim under
section 60B.40, subdivision 2.
(c) Within 15 days of the date of entry of the order, the liquidator shall report to the court
what notice has been given. The court may order such additional notice as it deems appropriate.
    Subd. 2. Notice respecting claim filing. Notice to potential claimants under subdivision 1
shall require claimants to file with the court their claims together with proper proofs thereof under
section 60B.38, on or before a date the liquidator specifies in the notice, which shall be no less
than six months nor more than one year after entry of the order, except that the liquidator need
not require persons claiming unearned premiums or subscription rates and persons claiming cash
surrender values or other investment values in life insurance and annuities to file a claim. The
liquidator may specify different dates for the filing of different kinds of claims. Notice to potential
claimants shall include notice of the existence of any guaranty association charged by statute with
the guaranty of the obligations of the insurer. Where procedures have been established by the
association for the filing of claims this notice shall include an explanation of those procedures.
    Subd. 3. Notice conclusive. If notice is given in accordance with this section, the distribution
of the assets of the insurer under sections 60B.01 to 60B.61 shall be conclusive with respect to all
claimants, whether or not they received notice.
History: Ex1967 c 1 s 6; 1969 c 708 s 26; 1975 c 359 s 23; 1977 c 273 s 21; 1983 c 289 s
114 subd 1; 1984 c 655 art 1 s 92; 1986 c 444; 1Sp1986 c 3 art 1 s 82; 1995 c 189 s 8; 1996 c
277 s 1; 1999 c 177 s 20